Entrepreneurship - Is it for You?

Have you always dreamed of owning and operating your ownbusiness? Maybe you have a great business idea that you’ve always wanted to get off the ground. Or maybe you just like the idea of being your own boss and controlling your own future? Whatever the case may be, you should know that you’re not alone. The Kauffman Foundation reports that about 476,000 business owners crop up each month!

If you want to add yourself into that number, bear in mind that it’s not going to easy. Being a business owner requires a lot of time and hard work, especially in the beginning stages. So, before you take the plunge, make sure you consider the decision of whether or not to become an entrepreneur- and of whether or not it’s for you- very carefully.

Examine Your Motives

Before you start your business, you want to really examine your motives. WHY do you want to start your own business? If it’s simply because you like the idea of making money from home or think the workload will be easier, this probably isn’t the right path for you. Being a business owner takes tons of hard work.

You should only become a business owner if your motives are truly good. If you’re dedicated to and passionate about your idea and have the strength and determination to make it work, then go for it. If you’re doing it because you think it will be an easy way to make money, however, think again.

Time and Tenacity

You shouldn’t start a business unless you plan on investing a LOT of time and effort into it.If you’re thinking you can work your full-time job and run a business on the side, you may want to reconsider. A business IS a full-time job!

A Thorough Plan

Finally, don’t even think about investing money and getting your business off the ground until you have a full-fledged business plan in place and ready to be executed. See a lawyer to hep you create and format a plan and make sure it’s doable and that you have the time and energy to invest before you go through with it.

If you’re willing to work hard, create a plan, and devote lots of time and effort, then you might just have what it takes to be a successful entrepreneur.

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When Starting a Business

Many people dream of starting a small business, something that will be just theirs and that they can build from the ground up. One fine example of this dream becoming a reality is the Macpherson family, who took all the things they loved and combined them into one incredible place: Foster Harris House, a bed and breakfast of sorts.

Making the business a success wasn’t easy for the family, but they stayed true to their dream and their goals throughout all of the ups and downs they experienced. They were also willing to change and grow their business as their own needs did the same. For example, they became parents soon after opening Foster Harris House and had to add in new services to start saving for their child’s future education.   

These people, though, are a shining example of what can happen if business owners open a business they love and then commit to sticking by it no matter what. It’s commonly cited that at least half of all small businesses fail within the first year. But more often than not, it isn’t so much the businesses that fail but the owners that fail them. Staunchly refusing to give up on a dream and to ride out the ebbs and flows of the business world is what it takes to be a success.

Other tips for giving any small business a great chance at success include:

·         Write a detailed small business plan, hopefully with the help of a lawyer AND a financial planner. Be flexible when it comes to following the plan. You don’t have to stick to it staunchly, but having set goals and a general course of action to follow can be extremely helpful during that stressful first year of being a new business owner.

·         Determine who your “target demographic” is and then market, market, market to that demographic. In other words, through research, figure out which types of clients are most likely to buy your products or use your services. Then, gear your marketing toward members of that demographic. Don’t be afraid to reinvent your brand from time to time or to try appealing to others as well as your original target demographic however. After all, the more people you can appeal to and sell to, the more money you can make.

·         Overestimate expenses. It might seem like you’re being a “Negative Nancy,” but it’s always smart to plan and budget for spending more money than you actually think you’ll spend. That way, if you go over, it won’t cause a problem. If you don’t, then you’ll have a nice little bonus at the end of your first year of business.

All in all, if you can follow these tips and stay focused on your goals, you can’t go wrong, and your little business has a great chance of surviving its first year and maybe even thriving.

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